Tillerson Is Making a Mistake by Skipping NATO, Stavridis Says

Find Bloomberg Surveillance on iTunes, SoundCloud, Bloomberg dot Com, and of course on the Bloomberg Friends of the Quad in London. I'm Tom Keene in New York and we celebrate today the Leader's Bookshelf. It is a book by Admiral James Travitas of Tufts and the Fletcher School, and I'm gonna tell you it's totally original. It is beyond original. Admiral Stevinus,

congratulations on the book. Chapter two, making time for reading before you go into many many people in the military and what book change their lives and is important to them for leadership. How do you make time for reading, Admiral Stevinus, If we don't have a lecture being stuck on a destroyer's Yeah, if you can't go out to sea for extended forward deployments. There are other things you can do, tom, So I would start by saying you

can use your downtime productively. So often on an airplane, for example, we just kind of default to a glass of Scotch and a couple of movies, but you know that's incredibly valuable real estate. Secondly, when you are traveling in the car audio books are incredibly powerful, and I would say a third trick of the trade with reading is to read books quickly, obviously, but also to um dive in deep when you find a book that really has meanings. So skim a lot of books in order

to read powerfully a handful of books. An't well, what was the strangest thing when you were writing the book? Is there a book that you saw over and over? I know I speak to a lot of CEOs here in the UK, and actually I'm surprised I always look at military books when talking about business. Yeah. One that jumps out for business people is The Art of War by Sun Sue, who was an ancient strategist, and he talks a lot about innovation, about cleverness, about trying to

get behind your enemy. The Jiu jitsu of war, which certainly all applies in business. We often forget though, that Sun Sus said went on death ground fight, which is about the determination you have to have as a CEO. At times do people ask you a question of what are they? You know? They should be reading secrets because it's it's now a bad thing being an intellectual or an academic, you know. I don't think reading books has

gone out of style. As I motor around and talked to a wide variety of people, and that's one of the nice things not being the dean of a graduate school. You get to speak to people all around the world. People still read and they want to exchange book ideas. And a great way to start any conversation is what are you reading these days? Well, I'll go with that

and dive into the book. I mentioned this earlier. Thomas Hayward one of our great admirals, and there's there's memos from you, Lewisy's grand he goes to World War two and nimits I mean, and that there's that fear I think in a lot of kids today not to go back into our history to find the books to read. There's something I can't read a book that's twenty years old, like the new book, John Tucker, I'm reading Bard Schwartz on the Supreme Court from twenty four years ago, and

yet it's like it was written yesterday. I think that's true of so many books. And I'll make another point, Tom, which is that a book you read in your twenties and get a lot out of at that point in time, say A Connecticut Yankee and King Arthur's Court by Mark Twain. I went back and read that book again in doing the Leader's Bookshelf and got an incredibly different experience out of it. So there's real power in reading a nineteenth century book, and even when you've read in your youth,

picking it up again. And now we go sensitive with James Travitas page Are you kidding me? A River Runs through It? Norman McLean Grog Johnson recommended this one. Uh. A River Runs through It is a marvelous book about families. And part of a leader's job is life balance, Tom, and I bet many of your CEOs and senior business people listening want to try to understand how to attain a balance in life. Not everything is about out making money and building your resume. And the novel a river

runs through. It is about a troubled family in Montana and how they work through some of the great challenges that impact them. I think it's also just a spectacularly written book, like reading poetry page after page. Yeah, I like you know, there's a definitely theme, Admiral, when I go through your book the leader's bookshelf is that it's all about preparation. And so maybe it's also a good idea for a lot of businessmen to read books a little bit more like army generals, because you can't leave

anything to hope or chance. That's exactly right, Francine. And let's face it, um, our lives are preparation and we get a chance to build ourselves as leaders by the gifts were given. Are you tall and good looking? Which I am not? But do you get parents who nurture you and bring you along? Um? Do you have experiences?

But the one consistent thing you can do you have control over, is to read, and to read consciously, to try and learn leadership as you read, by using these books almost as simulators, to put yourself in other leadership situations. It is all about preparation when you look at the state of politics. But also the state of diplomacy around the world. Can we actually look back at history and books on this or is two thousand and seventeen different. No. I think I'll give you two books that I think

provide marvelous lessons, one positive, one negative. UM Winston Churchill's The Second World War, which is really a series of books, but it's it's the story of coalition building and determination and overcoming enormous challenges. UM. Very inspirational read. On the negative side, the current National Security Advisor, Lieutenant General H. R. McMaster wrote a book about the Vietnam War called Dereliction of Duty of the Failure of the generals to speak

truth to power. UM. Both of those books I think are examples of UH stories that help us be better leaders. And now we go to the question that only matters to all listening, Amristavite, is how do we get our kids to read? What's what's the what's the secret to get them off minecraft? Well, first of all, I would say you have to talk books with your kids and get put good ideas of books in front of them. Secondly, use electronics. This is a generation that doesn't resonate like

you and I do. Tom to picking up a dusty volume of The Rise and Fall of the Third Reich. Um, but they're happy to pick up a kindle and learn to read on that. You can also read very effectively on an iPhone, So give the kids electronic options for reading. And thirdly, use the tie into movies and videos. Um. What often sparks a young persons having seen a movie like Enders Game, say gosh, you like that movie, why don't you read the novel? So there's three things you

can try. I'm me, I'm very European today. I feel very European. Where was Macavelli and all of this? Did anyone mention the Prince and Machiavelli? Um? Machiavelli is in our just outside the top fifty Francine, But I think fell behind Sun Sue in the Art of War, which is probably a metaphor for Asia and Europe these days. I want to go to one book and we'll talk current events here where that was to vetus after we celebrate the leader's bookshelf, and this goes right to the

President Lee's lieutenants. A study in Command Douglas South of Freedom Freeman, absolutely classic World War Two vintage book. General Conway gave this to you from the U. S. Marine Corps. Boy, do we need some Lee's lieutenants right now? We do? And I'm gonna throw right back at you, agreeing with you. Um. The compliment to it is Doris Kern's Goodwins, just magisterial

book on Lincoln's uh team of rivals that he put together. Um, boy, Lincoln has some powerful lessons for our president, I think, um, a sense of humor, a sense of humility, Um, of breaching out across not only the aisle, but across personality. In a very important book because at the time Admirals to Venus is amidshipman was on the monitor of the Merrimacame, which one of the two admiral One more book question before we get to the snub of NATO. Is this

library on the cover of your book? Is this is Travenas Library? Don't I wish? No, that's the library at Johns Hopkins University. Isn't it beautiful? It is gorgeous. It is. When I first saw the photo, I thought it was an old British library. But it's right here in colonial America. Yeah, I know. And Professor Cole Over Columbia would talk of Johns Hopkins and Chicago is being two of our great institutions. Okay, let's get serious. U fell apart today on TV. What

a is snub? The Secretary of Treasury of State rather will not visit the NATO meetings is for NATO meetings, and I guess they'll go on a junk at the Russia China. I don't know translate this for the I R community. What does it symbolize? Well, it's just a mistake. When you, uh, when you begin a new administration, a new role, you want to kind of work from the inside out. You want to kind of begin with your closest allies and then out to your partners, then out

to your friends. Then, having consolidated the base a term of political administration, not understand, you then start working with your opponents and those with whom you disagree. So it's not only Frankly he's going to go to Russia potentially, but he's going to miss the meeting in order to have a meeting with President g at a summit with President Trump. I just think it's a mistake. At a minimum, we ought to go to NATO and ask them to move the dates for the meeting, but to simply not attend.

I think is UH is diplomacy one oh one violation? What is this is game theory? Well, what if the this is a starting point as long as they pay in tonight to write for now and they're not going anywhere, this would be a bargaining chip to make sure that they get a better deal or a better Say. Yeah, I think that the UH the from the NATO side, that is just not going to be very well received. And it's worth knowing that. And I credit the Trump

administration for this. Since they took over, spending rates on defense in Europe have been going up and up. Um, this is not the time to cash that chip in. Now is the time to really show solidarity and respond to that first play by the Europeans. All right, but the Secretary of State has been in the past a couple of weeks absent from several meetings with foreign leaders. Does this say that he's being cautious or this is a mistake, or does it mean that he doesn't have

that much influence over foreign policy in Trump's administration. I think it's a bit of both friend scene and I'll add a third, which is he's not being well staffed he doesn't have a Deputy Secretary of State aid. He has no uh, no leadership below himself in that department. Right now, he's kind of home alone, and I think the department wouldn't let him make this kind of misstep. Help me here with the battle over the weekend of the press attending. You've had to put up with the

press for years. I'm sure there's been some ugly moments. Um. I mean, there's a tradition to it. Is it a good tradition to have the press tag along? It absolutely is? And um, as a senior leader, I often took small press pools. Nothing like a sec deaf for a sex state. But yeah, it's inconvenient. It's occasionally annoying. Sometimes they get the story slightly wrong. But wouldn't you rather have them inside the tent than outside trying to figure it out,

trying to speculate, trying to work with leakers. Um. So I think that again a mistake not to have the press come along on these trips. And I know Secretary Matters, for example, has been bringing the press on his trip. I hope that Secretary Tillerson uh does so as well. You mentioned team arrivals earlier, I mean, part of the problem here and getting warm bodies and foggy bottom is if you ever said anything negative about Mr Trump, you're

off the list, right, That's absolutely true. And then secondly, let's face it thus far, the fact that you're watching the current Secretary of State Uh not be invited to the White House frequently, not seeming to consult on occasion, not coming to the big meetings. So I think there's a significant morale problem in foggy Bottom, and it's hard to recruit people to go into an organization that doesn't

appear to be getting traction in Washington. That needs to be reversed because as a nation, we can't afford ineffective diplomacy anymore than we can afford ineffective defense. But there must be someone I don't know if you call it a dissenter or someone who criticizes the president behind closed door that he listens to. Is that his family? Is that his daughter Vane? Yeah, Well, let's hope that's the case.

And I saw recently a correlation drawn between the tweeting cycle was much diminished during periods of time that Ivanka and Jared are around the president. Um, and let's hope that cabinet officials like Jim Madison, John Kelly and Rex Jillerson over time can have influence on him as well. Um. These are strong individuals who I think will be unafraid to speak truth to power. But they got to get in the room. And I think that's where uh Secretary

Killerson has had his challenges thus far. Um, and don't well talk to me about the GOP. Is there a kind of um, you know, steak and carrots way of working where they say, look, President Trump, you need to follow us on diplomacy and actually not start trade with this country in this country, and in return, we'll give you more support for I don't know if it's tax cots or funding for some of the infrastructure projects. Does

it work like that? Yes, it does. And you can see this tension in the GUP base in the international sphere right now. Um. Some in the GOP want to um effectively build those walls, not just the one with Mexico, but tariff barriers returned to the country, cut down or overseas military presence, whereas others, people like Paul Ryan, UH Max Thornbury, the Chairman of the House Arm Services Committee, are quite internationally oriented and have good views on defense.

That tension will play out in the domestic back and forth over the issues you just mentioned. Francine, help us with the idea of the philosophy of our domestics debate on healthcare. We get to a vote Thursday onto a Senate where Steve Dennis says the health bill has minimal chance to get through and the basic ideas we need that money, that Butter money for our guns money. How

do you filter that core question? I think that, Uh, it's not an on and off switch, Tom, we don't simply become a highly militarized nation at the expense of domestic policy. Um, it's a real stat and I think for the last eight years the real stat has been dialed strongly in the direction of Butter. It needs to come back a bit too. Guns. But I want to

make a point about guns. It's not just guns. It's a state department, and it's budget, it's foreign aid, it is all of the international programs that helps create security. So you have to dial that real stat a bit.

That's why there is a defense increase. But at the same time, as a nation, UM, we have big problems, and it's not just health it's our deficit um and I think that what's needed here back to books is the team of rivals approach, the ability to reach across the aisles if we if we dial those real stats individually, it's a lot less painful than whip sawing back and forth between administrations. James Trevita, thank you so much with TuS Fletcher School. I can't say enough, folks about the

Leaders Bookshelf. Admiral James Devitis Uh never retired in our manning Angel as well, on a great way to find a lot of other books quickly and also get a core message, an important message from each of these Uh books, some of them very painful books about ordeal of military combat, the memoirs of Ulysses, s. Grant and here Um. This kind of work from the sixt T. R. Ferrenbach is mentioned in many others. James trevidis with a successful effort

the Leaders Bookshelf. This is a wonderful treat This is why we do Bloomberg surveillance. His book is classic. It is The Banker to the World. His name is William Rhodes. If you don't know the name. He was Banker to the World for City Group and City Bank decades ago his public service to Brown University. UH speaks volumes. Bill Rhodes, You're the only one I wanted to talk to, maybe James Diamond about David Rockefeller passing away, dying in a

hundred and one years old. What was David Rockefeller like as you were a young banker. It's City Group. First of all, David was a great man and I was privileged to first meet him when I came back from Latin America. Was City Bank, uh almost forty years ago. It was forty years ago in v seven, and we shared a mutual interest in Latin America. David, obviously everybody knows, was a world statesman, particularly in finance, one of the great bankers and financeeries of our age. But he had

a he had a particular love for Latin America. And he founded the Council of the America's America Society in nineteen sixty five, and he got me in very involved with that. I became chairman later on for nine years, and David was the founder and chairman for a number of years, and he did he did tremendous work on

improving relations between the United States and Latin America. He was patrician, and he was distant, and there was discretion and control at every moment, and behind that was prodigious economic abilities. He was a PhD in economics from Chicago. Is a kid. He actually did the academic work, didn't

he exactly? But I think his lasting memory will be, UH what he believed in in the sense of the relationships between the United States and the rest of the world, and particularly with my personal experience, UH was what he did with Latin America. He is a revered figure in Latin America. UH and always UH connected the United States UH with Latin America and our culture, our trade UH.

And UH did tremendous work philanthropically for all areas of the world, but particularly I would suggested the Latin America. And he founded a center in his name for Latin studies at Harvard. I mean he was also really a confident of world leaders from dangsher opinion China to Nelson Mandela in South Africa. What would he be advising President Trump? Well, I would I think what he would be advising President Trump at this point in time is to make sure that we don't get in a series of trade wars

around the world. Because he always believed that free and fair markets were very very important for the growth of the world economy, and had been always a big supporter of the International Monetary Fund and the World Bank. Uh. And he dedicated his life to these relationships. You didn't apologize for being an American banker, and that was just Mr Rockefeller and his disciples over at the evil firm

A Chase didn't apologize for being capitalists and bankers. We've got a lot of bankers now after this crisis, reticent about trumpeting capitalism, about traveling abroad, about showing the American banking flag. How do we get back to pride and banking. That is a key question, Tom, which you and I have discussed quite a lot. As you know, I've done

a lot of work on on on banking culture. Uh. And I think it's it's key and David was a good example of that because he believed that he should use that platform to improve relationships around the world, to to make the world closer. Uh And Uh, I think

he achieved that. And I think that, uh, this is what the banking community ought to be doing, trying to help it's it's it's communities to bring back the trust and banking, which David was a good example of because somewhere along the way, I think in the United States, Europe and other parts of the world, trust has been lost in in banking and we must get back to those basic thoughts of you know, a bankers there to help the community. Uh. And that was number one, and

that certainly was the way David looked at things. Bill Roods thrilled to have you with us today, Mr Rhose, of course, the author of Banker to the World in the City Bank for years, UH, William Rhodes in honor of David Rockefeller, brought you by Bank of America. Mary Lynch. Dedicated to bringing our clients insights solutions to meet the challenges of a transforming world. That's the power of global connections.

Mary Lynch, Pierce, Feeder and Smith Incorporated Member s I p C. This is a wonderful moment to speak to Paul Quincy. We're talking with Bill Rhodes earlier about David Rockefeller and discretion and being proper. That's what you do at JP Morgan Asset Management, where you're in the greatest bull market since time began. And with within that, Paul Quincy, if I look at the equity market. The basic emotion is so many people have missed this bull market. How

do we catch up? Well, one way to catch up is to look outside the US and look at markets that have not yet been in the greatest bull market of all time, where valuations are still more depressed, and where I think, really importantly, we're seeing actually finally profitability really beginning to improve. So if you just look at the returns over the last five years, then you've compounded a mid teens rate of gaining the SMP. That's a

tremendous result of historical standards. The compound return in U S dollars on emerging markets over the same period one the compound return on European equities again if you measured in U S dollars around five So those are not yet anything like the type of numbers that people feel

like they've missed very much on. And yet when we look at those regions, we see valuations as you'd expect, looking pretty reasonable, but also profitability really starting to improve in a much more convincing way than we've seen for some time. Paul, what is the one thing that you can go wrong in Europe? Though? Is it the right time. If you like European equity, should we not wait until most of the big elections have been and gone because

they could be potentially life changing for the Eurozone. Absolutely, and I think most people are waiting until the elections have come and gone, and a lot of money is sitting on the sidelines while the fundamentals continue to improve. The problem is, of course, once you know what's going

to happen, then will be priced in fairly quickly. So I think in a diversified portfolio and with an eight A risk, it's worth putting some money to work now, and rather than waiting for everything to become absolutely clear. I can't claim to know exactly how all of these election results are going to play out. Of course nobody does. France seems in charge of that. Yes, we'll ask her

them the crystal ball. Yes, But I do think that if maybe a year ago, investors were a little bit overconfident in their ability to predict, for example, the vote in Brexit or the outcome of the presidential election here, then maybe now people are a little bit under confident, and they're ignoring opinion polls and ignoring the fact that I think it would require a much bigger shift in opinion that we saw in either of those two instances

to have a genuine anti euro upset in France. Of course it could still happen, but perhaps that the risks of that are being a little bit over, a little bit overestimated at the moment in markets. Well do you think that economistsy or too optimistic about Europe? But it seems, you know, when you're on the ground. I'm Italian, I go out there and people are really unhappy. You have

huge youth unemployment. And then when you look at the numbers and Tom we had an economist on a little bit earlier on on TV, they say, but it's getting better. You know, growth over on the Eurozone is around one and a half and two percent. What are they missing? Growth does seem to be getting a little bit better. I wouldn't I wouldn't want to exaggerate just how how fast it is, but growth improving a little bit at

the margin. But we're really focused on companies, and of course corporate profits are not the same thing as g d P. There's a lot more leverage in the European corporate sector to what's happening globally than is the case in many other regions. Well, this is important, I mean a multiple. I think most of our audience has a real understanding of a blue chip multinational in the United States, is a blue chip multinational the same beast in Europe,

If anything, they're little more multinationals. So I think that the very fact that the European economies haven't been terribly exciting over the last decade is so has incur many European companies to invest heavily abroad. And as they did that, they picked up a fair amount of exposure to emerging markets. So in the downturn that we saw in the emerging economies that lasted until the middle or early last year, they were unusually exposed to that, and that really hurt profitability,

but we weren't always hurt. You. Let me ask the delicate question, Quincy, are they going to become more Anglo Saxon? I mean, that's sort of the hope and prayer not only of retail and people that you know, trying to catch up here, but institutional as well. The continental multinationals. They've got their moments, but they've also got a cultural heritage. Is that going to shift in the next number of years? Yes, and no, I think there are signs that are shifting

a little bit. I don't think you need an enormous shift in corporate behavior to have a much better outcome in terms of profits in the near term. So if you've been a European investor, you've been disappointed pretty much every year for the last five years. Typically at the start of the year, the consensus said earnings will grow by ten percent, and by the end of the year you find out they've actually slightly shrunk. I really do

think this time is different. This year we will see and we're already seeing it, proper real profits growth coming through.

Longer term, we do see some changes in behavior to be more shareholder friendly, but there's a long long way to go before you see, for example, a kind of share buy back activity that's been such a critical component of the bullmarket here in the US, it really hasn't spread to Europe in any convincing way yet, despite the fact that, of course, with bond deals solo in Europe, the advantages of levering up your balance sheet a bit and buying backstock at lower prices are even more compelling

than they are to the typical US corporate here, But our earnings really on the upside or is it just on cast cutting? And these animal spirits still have to take real place. With investments, you can feel better about life, but unless you put money on a new project, it's just hot air. I think a number of things will conspire to help earnings this year, so currency moves help a little more revenue growth, both in Europe and in

the rest of the world. European companies have a surprisingly large degree of commodity exposure, as we know, the commodity cycle seemed to trough out about a year ago and is looking generally better now. And then, of course we come to the banks that have been such a focus for investors in Europe. But where there are there are leaders and laggert's. But on average, European banks have been raising capital, are getting healthier and are pretty attractively priced

as well for that manner. And now with Quincy, we go where we dare to tread and getting him in trouble with a general council of the JP Morgan Banking Company. Is everybody going to move to Dublin? That's the that's the zeitgeist today at Bloomberg is Bank a bank b Bank Cee Bank De We're gonna you know, we've looked at our European grid and we're gonna move to Dublin. You've lived this with Schroeder's, with City Bank, now with

JP Morgan. Are you going to move to Dublin? So until we know what as we're dealing with, this is gonna happen. Look, until until we know, until we know what the rules look like, it's very very hard to say it's really it's just an extraordinary amount of uncertainty. So I think at this point lots of different options are on the table. My litmus paper here is the middle child doing the you know you're abroad, going to every city every weekend, called up drunk from Dublin and said, hey,

I love this city. You're the young troops of JP Morgan going to one to migrate from London to Dublin. Dublin is a great city. There are many great cities in Europe too, but I think in general, people particularly in sort of mid late careers, would rather stay where they are. We just have to see whether or not that's going to be possible when we see what exactly what rules we're dealing with. AV I'm moving to Dublin

Paul Quincy, Thank you so much. Jp Morgan manager, Mr Diamonds be nice and sandum when he gets back to the office. Wonderful to talk to you today. Thank you so much. Our process is to look at a really interesting research note from Capital Economics. Neil Shearing joins us the chief Emerging um Emerging Markets economists for Capital. Neil, I thought your note was very provocative and it really comes down to something I think most Americans have missed.

Mexico has leverage, They have bargaining power. How possibly could they have power against the mighty United States of America. Well, this is true. I think that there's there's two areas where they have power. In economic terms, they hold quite a lot of sway, particularly over agricultural important a lot of agricultural imports from the US and whether those agricultural imports come from Midwestern states that helped to elect President Trump.

The second point is they hold political swade. The US needs Mexico on side the war on drugs, particularly also immigration through Central America to the US. So I don't think it's quite right to say that the US holds all the cards when it when it comes to renegotiating naught and trading relations. I look at this and I go, how long is the timeline? I mean, we're looking at Brexit in Europe is being months, quarters even in the years. How long will the left the timeline be. I think

it's going to be years rather than months. Um. I suspect something's going to get kicked off quite soon, but it's going to go on for a long time. Trade deals take a long while to negotiate, and unless particularly they want to do something substantive, if it's not going to be substantive, then perhaps you can get wrapped up this year. The issue, though, is the economic cycles and trade negotiations cycles don't necessarily go inside with political cycles.

We've got US midterms at the end of next year. We've got Mexican presidential elections at the middle of next year. So it's quite possible that that all of this gets bound up in political cycles and held back to I think it's gonna be quite tricky to get something substantive done, you know. I I look at nafter when when when we look at the after? We look at very simplistic terms,

but needs the headline data on the after. What is the distinction or attribute you would make visible to our listeners. The main thing that actually, this is the whole discourse around trade is stop thinking about trade in terms of deficits and surfaces and balances. That's not how a country

benefits from trade. Uh, Your benefits from trade gains from trade coming through the exchange of goods and services and the fact that the US or Mexico can then move into its areas of comparative advantage specialized where in production, that where it has a comparative advantage. So it's not really about how big Mexico survices with the U s

or how big China services with the US. It's about does trade allie the US the specially concentrate in areas of production where it holds a comparative advantage, And that's where the games from trade come from. And actually, when you look at it, Mexico has not been that big a beneficiary from lafter. It's seen a bit of a duptick and productivity growth after has been introduced, but it's

not been that big. Have you been surprised by piece or strength twenty two and nineteen and Mexican pace, So that's impressive, It is impressive and obviously it's not just the pace of the pacer has been one of the biggest beneficiaries, but all the currencies. Indeed, most currencies E M and d M are up against the dollar um this year. It seems to me that we're in a bit of a holding pattern in financial markets. We're waiting to see who bears influence in in economic policy terms

within the White House. Is it the Liberals Gary Cohen and Wilbert Ross or is it the hawks Navaro, perhaps Steve Bannon too. At the moment, it looks like we've kind of backed away from the more immediate hawk ish signs that we were seeing at not on the campaign trail, and that's given a bit of support to to riscuss it. Thanks so much. Have to keep it short today too short sharing with a smart note from Capital Economics. Thanks

for listening to the Bloomberg Surveillance podcast. Subscribe and listen to interviews on iTunes, SoundCloud, or whichever podcast platform you prefer. I'm out on Twitter at Tom Keene, David Gura is at David Gura. Before the podcast, you can always catch us worldwide. I'm Bloomberg Radio, brought you by Bank of America. Mary Lynch dedicated to bringing our clients insights and solutions to meet the challenges of a transforming world. That's the

power of global connections. Mary Lynch, Pierce, Feeder and Smith, Incorporated, Member s I p C